filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
(In Thousands, Except Per Share Data)
The following selected consolidated financial information should be read in conjunction with ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations and ITEM 8, Financial Statements and Supplementary Data.
| Year Ended December 31 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Statement of Income Data: | ||||||||||||||||||||||||||||||||
| Operating Revenues and Other (1) | $ | 11,032,048 | $ | 17,379,973 | $ | 17,275,399 | $ | 11,208,320 | $ | 7,650,632 | ||||||||||||||||||||||
| Operating Income (Loss) | $ | (544,016) | $ | 3,699,011 | $ | 4,469,346 | $ | 926,402 | $ | (1,225,281) | ||||||||||||||||||||||
| Net Income (Loss) | $ | (604,572) | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | $ | (1,096,686) | ||||||||||||||||||||||
| Net Income (Loss) Per Share | ||||||||||||||||||||||||||||||||
| Basic | $ | (1.04) | $ | 4.73 | $ | 5.93 | $ | 4.49 | $ | (1.98) | ||||||||||||||||||||||
| Diluted | $ | (1.04) | $ | 4.71 | $ | 5.89 | $ | 4.46 | $ | (1.98) | ||||||||||||||||||||||
| Dividends Per Common Share | $ | 1.50 | $ | 1.0825 | $ | 0.81 | $ | 0.67 | $ | 0.67 | ||||||||||||||||||||||
| Average Number of Common Shares | ||||||||||||||||||||||||||||||||
| Basic | 578,949 | 577,670 | 576,578 | 574,620 | 553,384 | |||||||||||||||||||||||||||
| Diluted | 578,949 | 580,777 | 580,441 | 578,693 | 553,384 |
| At December 31 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||||||||||||||
| Total Property, Plant and Equipment, Net | $ | 28,598,627 | $ | 30,364,595 | $ | 28,075,519 | $ | 25,665,037 | $ | 25,707,078 | ||||||||||||||||||||||
| Total Assets (2) (3) (4) | 35,804,601 | 37,124,608 | 33,934,474 | 29,833,078 | 29,299,201 | |||||||||||||||||||||||||||
| Total Debt | 5,816,405 | 5,175,443 | 6,083,262 | 6,387,071 | 6,986,358 | |||||||||||||||||||||||||||
| Total Stockholders' Equity | 20,301,887 | 21,640,716 | 19,364,188 | 16,283,273 | 13,981,581 |
(1) Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income, net income or cash flows resulting from changes to the presentation of natural gas processing fees. EOG elected to adopt ASU 2014-09 using the modified retrospective approach with no reclassification of amounts for the years ended December 31, 2017 and 2016 (see Note 1 to Consolidated Financial Statements).
(2) Effective January 1, 2020, EOG adopted the provisions of ASU 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13 changes the impairment model for financial assets and certain other instruments by requiring entities to adopt a forward-looking expected loss model that will result in earlier recognition of credit losses. EOG elected to adopt ASU 2016-13 using the modified retrospective approach with a cumulative-effect adjustment to retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2020, are unchanged. There was no impact to retained earnings upon adoption of ASU 2016-13 and EOG expects current and future credit losses to be immaterial. EOG continues to monitor the credit risk from third-party companies to determine if expected credit losses may become material.
(3) Effective January 1, 2019, EOG adopted the provisions of ASU 2016-02, "Leases (Topic 842)" (ASU 2016-02), which require that lessees recognize a right-of-use (ROU) asset and related lease liability, representing the obligation to make lease payments of certain lease transactions, on the Consolidated Balance Sheets. EOG elected to adopt ASU 2016-02 and other related ASUs using the modified retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2019, are unchanged. There was no impact to retained earnings upon adoption of ASU 2016-02 and other related ASUs. See Notes 1 and 18 to Consolidated Financial Statements.
(4) Effective January 1, 2017, EOG adopted the provisions of ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" (ASU 2015-17), which simplifies the presentation of deferred taxes in a classified balance sheet by eliminating the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts. Instead, ASU 2015-17 requires that all deferred tax liabilities and assets be shown as noncurrent in a classified balance sheet. In connection with the adoption of ASU 2015-17, EOG restated $160 million from deferred tax liabilities to deferred tax assets on its Consolidated Balance Sheet at December 31, 2016.
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